A Meta-Analytic answer to an old dilemma: Do M&AS create value? Evidence from European Banks

Angeli, Federica ; Bolognesei , Enrica ; Toschi, Laura (2008) A Meta-Analytic answer to an old dilemma: Do M&AS create value? Evidence from European Banks.
Full text available as:
[thumbnail of Angeli_Bolognesi_Toschi_metanalisi.pdf]
Download (227kB) | Preview


This paper aims at shedding further light on the controversial impact of M&As on the value creation perceived by investors, as the short-term market performance of the firms involved. 17 event studies are examined by following a meta-analytical procedure. The unit of analysis is originally assumed as the event window within each study, yielding a total sample of 191 observations and 17,007 deals. Separate analyses are run for bidders, targets and combined entities. Our findings highlight the insensitiveness of bidders to M&As’ announcement, in line with existing theory. Interestingly, the choice of the benchmark in the market model, the geographical scope and the event window position prove to be significant moderators: Italian M&As are less profitable than European ones, and pre-announcement rumours significantly alter the overall performance.

Document type
Angeli, Federica
Bolognesei , Enrica
Toschi, Laura
M&A, European banks, Meta-analysis, Event studies
Deposit date
19 Jan 2010 10:54
Last modified
16 May 2011 12:12

Other metadata

This work may be freely consulted and used, may be reproduced on a permanent basis in a digital format (i.e. saving) and can be printed on paper with own personal equipment (without availing of third -parties services), for strictly and exclusively personal, research or teaching purposes, with express exclusion of any direct or indirect commercial use, unless otherwise expressly agreed between the user and the author or the right holder. It is also allowed, for the same purposes mentioned above, the retransmission via telecommunication network, the distribution or sending in any form of the work, including the personal redirection (e-mail), provided it is always clearly indicated the complete link to the page of the Alma DL Site in which the work is displayed. All other rights are reserved.



Staff only: View the document